Nifty and German 40 indices: German 40 crosses above 17500.0

• On Friday, the Nifty index climbed to a new high at 22297.50.
• Today, we see the growth of the German 40 index to a new historical high at 17551.9 levels. 

Nifty index chart analysis

On Friday, the Nifty index climbed to a new high at 22297.50. After forming a new all-time high value, the index initiates a pullback to yesterday’s support of the 22075.00 level. The pullback stops there and creates a new positive consolidation, and we recover to the 22218.0 level. We are back in a bullish frenzy and expect to visit the previous high by the end of the week and test it again.

Potential higher targets are 22280.00 and 22320.00 levels. For the bearish option, we need negative consolidation of the Nifty index down to a support level of 22075.00. A new pressure could easily break below and form a new weekly low and thus get confirmation of the bearish momentum. Potential lower targets are 22040.00 22000.00 levels.

German 40 index chart analysis

Today, we see the growth of the German 40 index to a new historical high at 17551.9 levels. After forming this high, we remain high above the 17500.0 level. If we get support here, we could try a further recovery and continue to the bullish side. Potential higher targets are 17575.0 and 17600.0 levels.

For a bearish option for the German 40 index, we need a pullback to 17475.0 levels. Holding below this level could trigger a new bearish impulse and bring us down to test the 17450.0 level. Below that, we return to the previous consolidation, and the potential lower targets are 17425.0 and 17400.0.

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